6/11/2012

Greek Cyprus to build gas processing facility

Greek Cyprus will build a facility for storing and processing the natural gas that has been discovered off its southern coast, a top GreekCypriot commerce, industry and tourism official said.

Neoklis Sylikiotis told The Associated Press on June 8 that the 140 billion to 230 billion cubic meters of gas the U.S. firm Noble Energy discovered last year was enough to merit the facility’s construction, although there are indications of more offshore gas deposits.

Sylikiotis said there was strong foreign interest to invest in the facility, which would supply domestic power plants and liquefy the fuel for export to foreign markets.

He said the facility was estimated to cost around $7.5 billion to $8.7 billion and be completed by 2019. He said they would also establish an undersea pipeline to help pump natural gas upstream from the Israeli and adjacent Cypriot offshore fields, Anatolia news agency reported.

Sylikiotis was set to pay a visit to Israel and is expected to return to Greek Cyprus by June 12. He is expected to meet with officials from Israeli energy companies, as well as with the Israeli ministers of trade, industry, energy and foreign affairs.